All Forum Posts by: Mike Kehoe

This isn't the end all be all, but when I was starting out, I found Neal Bawa's free course  "Best Cities for Real Estate Investing" on Udemy extremely helpful. Here's the link: https://www.udemy.com/course/r...

Good luck!

Adam, congrats on your first rental. I agree with Michael. In a state like NY, you want to follow their process to the letter. Find a good attorney that you can build a relationship with. The expense of doing it correctly is nothing compared to the headaches doing it incorrectly can cause. 

All good answers here.

I would start with the FHA 3.5% down and save the rest for future investments. You'll glean a lot of experience from this first purchase that you can deploy along with your capital into future purchases.

With that said, you'll be at a disadvantage compared to others that are paying cash or using financing with fewer hurdles, so give yourself a lot of time for your search. Also, be prepared to make a lot of offers before you land your first deal.

Start analyzing past transactions and on-market deals in your area now, with the goal of further understanding the norms of your market and how you'll need to prepare when ready to buy.

@Rohini Parab you've got some great responses here. @Chris London and @Phillip Bradrick were right on in their analysis. 

Reach out if you want to talk. We see a lot of opportunities in the areas they described. 

You might want to reassess some things, starting with your job. Even though they are paying for your MBA, it seems like they're holding you back from doing what you want to do. They've got the golden handcuffs on you.

I think you'd learn a lot more by finding a job with similar pay as your current but allows you to participate in a side hustle than you would through an MBA.

If you find a new job, I'd recommend selling a top-notch product or service that doesn't have a ceiling on your commissions (SAAS companies are a great candidate). Or, if you want to stay in the same field as you're already in, find a company with similar pay but allows you to have a side hustle. Selling a good or service that pays a residual income or selling something that pays substantial commissions are great side hustles. 

Why sales? Because sales skills are applicable no matter what you pursue moving forward, including real estate investing. Also, it can be a fast way to build cash.

I've built my wealth to invest in real estate through building companies and side hustles. My main business and side hustle was selling credit card processing. Much like rental properties, credit card processing accounts pay residuals. I owned my credit card processing portfolio and was able to sell my book of business for thirty times its monthly residual. I still have residual income coming in from accounts that I didn't sell.

Also, I refer real estate investors in my network looking to reduce their tax obligations to my favorite Cost Segregation company. I get paid well by the Cost Seg company for making the referral while building my network of real estate investors.

Lastly, I've built a wholesale company that allows me to create cash flow and see deals before anyone else. I wouldn't recommend this route unless you are willing to go full-time.

Hope this get's your wheels turning.

@Jason Malabute , we have investors that invest in only one and others that invest in both. Most of the time, when an investor is only interested in one of the locations, they're local, and they're avoiding additional drive time. They focus on what they know, and they're connected enough to keep busy in one location. 

Being new to the market gives you the advantage of looking at each market with fresh eyes. I think the right recipe for you is to connect with local experts in each location (plenty of people to connect with here on BP), fly out, and then have them each give you a thorough tour of their city. After that, make your decision. 

We moved our business from Chicago to the Triangle about a year ago, and that's the recipe that we followed. After our visits and thorough research, we focused on getting to know Durham first and attacked Raleigh second. 

There are a couple of things to note about both markets.... First, there isn't a lot of multi-family inventory. The majority of what you'll find is SFH and small MF. Second, as some others have described, the market is scorching, so be ready to pull the trigger when you find something that fits your criteria.

@Keith A. Referring credit card processing and cost segregation deals

Sounds like you've got a handle on things. Hang on to it and enjoy the ride. Even if it only cash flows a bit, I'd wait for the appreciation. 

Hey @Sam G., as long as your home isn't dilapidated and in need of a ton of work, which it sounds like it's not the case, I'd hang on to it. We're investors and wholesalers in the Triangle and believe home prices are going to keep climbing for a long time coming. It sounds like your property has all the makings to see very nice appreciation. Even if it only cash flows a little bit, I'd hold onto it for its potential appreciation.  

@Kelly Bellini that’s a no for me. Deception out of the gates... I’d decline and not look back.